For the Love of Money

It feels like every day I am discussing money with someone. How we don’t have any, how hard it is to make, how quickly it goes, etc. It’s a never ending cycle. One suggested money management method to fast track your finances is to do a financial fast.

Often, when people hear the word ‘fast’ they think of food deprivation, of starving yourself, however there is much more to it than that. Fasting is a way to realign and refocus yourself, and not just in food but in any aspect of life. It is the process of decreasing or eliminating the consistent use of something you believe you can’t survive without. And in our investment section we are sharing the process of a Financial Fast.

Who?

You. Yes, YOU.

What?

A financial fast is simply refraining from spending money for an allotted amount of time.

When?

Most fasts are about 21 days, which allows for ample time to challenge yourself and see the benefits of fasting. Also, after the fast do no revert hold habits, but find ways to implement subtle changes into your spending habits so that you continue to benefit.

Why?

It’s challenging and worth it. You are able to see what you can do without and also learn how to better manage your money. Financial fasts help to get you out of debt or set yourself up for better financial success. Do you have a vacation you’ve been wanting to take? An item you’ve been wanting to purchase? Having what you want isn’t about being rich but about spending differently.

How?

It’s simple: purchase your necessities and then do not spend any additional money. This means no daily cups of coffee, shopping or frivolous spending. Buy your groceries and bring lunch to work. Just think about it, a cup of coffee in the morning and lunch in the afternoon can easily be between $12-20 a day. By not spending that money you will see how much you actually can save a month once you eliminate those extras. It will be challenging but as with most things it becomes easier as time passes.

Think you want to give it a try? Go for it! If you want more information the information has a plethora of resources and there is even a book, The 21-Day Financial Fast: Your Path to Financial Peace and Freedom by Michelle Singletary. The key is to not spend and focus on the goals you have.